At December 31, 2018, Atlanta Company has an equity portfolio valued at $160,000. Its cost was...
At December 31, 2018, Atlanta Company has an equity portfolio valued at $160,000. Its cost was $132,000. If the Securities Fair Value Adjustment has a debit balance of $8,000, which of the following journal entries is required at December 31, 2018?
Select one: a. Fair Value Adjustment 28,000 Unrealized Holding Gain or Loss-Income 28,000 b. Unrealized Holding Gain or Loss-Income 20,000 Fair Value Adjustment 20,000 c. Unrealized Holding Gain or Loss-Income 28,000 Fair Value Adjustment 28,000 d. Fair Value Adjustment 20,000 Unrealized Holding Gain or Loss-Income 20,000
Homework Answers
Add Answer to:
At December 31, 2018, Atlanta Company has an equity portfolio
valued at $160,000. Its cost was...
Situation 1: Goebel Company acquired a 20% interest in Dobbs Company on December 31, 2018 for...
Situation 1: Goebel Company acquired a 20% interest in Dobbs Company on December 31, 2018 for $350,000. During 2019 Dobbs Company had net income of $150,000 and paid a cash dividend of $60,000. (Dobbs Company paid $60,000 cash dividend to all of its shareholders.) 12. Based on the information regarding Goebel's investment in Dobbs Company: Fair Value 12/31/18 12/31/19 $350,000 $365,000 Cost $350,000 Equity investment If the Fair Value Adjustment has a debit balance of $8,000, what amount of unrealized...
On December 31, 2018, Marsh Company held Xenon Company bonds in its portfolio of available-for-sale securities....
On December 31, 2018, Marsh Company held Xenon Company bonds in
its portfolio of available-for-sale securities. The bonds have a
par value of $14,000, carry a 10% annual interest rate, mature in
2025, and had originally been purchased at par. The market value of
the bonds at December 31, 2018 was $12,000. The December 31, 2018,
balance sheet showed the following:
Marsh Company
Partial Balance Sheet
December 31, 2018
1
Assets
2
Investment in Available-for-Sale Securities
$14,000.00
3
Less: Allowance...
5. On December 31, 2018, Marsh Company held Xenon Company bonds in its portfolio of available-for-sale...
5. On December 31, 2018, Marsh Company held Xenon Company bonds
in its portfolio of available-for-sale securities. The bonds have a
par value of $14,000, carry a 10% annual interest rate, mature in
2025, and had originally been purchased at par. The market value of
the bonds at December 31, 2018 was $12,000. The December 31, 2018,
balance sheet showed the following:
Marsh Company
Partial Balance Sheet
December 31, 2018
1
Assets
2
Investment in Available-for-Sale Securities
$14,000.00
3
Less:...
At December 31, 2017, the available-for-sale debt portfolio for Cullumber, Inc. is as follows. Security Cost...
At December 31, 2017, the available-for-sale debt portfolio for
Cullumber, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$97,125
$83,250
$(13,875
)
B
69,375
77,700
8,325
C
127,650
141,525
13,875
Total
$294,150
$302,475
8,325
Previous fair value adjustment balance—Dr.
2,220
Fair value adjustment—Dr.
$6,105
On January 20, 2018, Cullumber, Inc. sold security A for $83,805.
The sale proceeds are net of brokerage fees.
Cullumber Inc. reports net income in 2017 of $666,000 and in 2018
of...
The first and second photo are all part of one question. c. 9,100,000 d. 5,800,000 Pernt...
The
first and second photo are all part of one question.
c. 9,100,000 d. 5,800,000 Pernt ct s,700 Ne cetret erce 49,o00,000-39, 900,00 9,1o0,0c 916c,00K 3ey03,32 0c 13. At December 31, 2018, Penny Corporation had the following equity securities that were purchased during 2018, its first year of operation: Fair Unrealized Gain (Loss) Cost Value Trading Securities: Security A $ 85,000 15,000 $100,000 $(25,000) 5,000 $120,000) $60,000 20,000 $ 80.000 Totals Available-for-Sale Securities: $ 80,000 $10,000 (10,000) $(0 $70,000 85,000...
At December 31, 2017, the available-for-sale debt portfolio for Bridgeport, Inc. is as follows. Security Cost...
At December 31, 2017, the available-for-sale debt portfolio for
Bridgeport, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$114,625
$98,250
$(16,375
)
B
81,875
91,700
9,825
C
150,650
167,025
16,375
Total
$347,150
$356,975
9,825
Previous fair value adjustment balance—Dr.
2,620
Fair value adjustment—Dr.
$7,205
On January 20, 2018, Bridgeport, Inc. sold security A for $98,905.
The sale proceeds are net of brokerage fees.
Bridgeport Inc. reports net income in 2017 of $786,000 and in 2018
of...
At December 31, 2017, the available-for-sale debt portfolio for Sage, Inc. is as follows. Security Cost...
At December 31, 2017, the available-for-sale debt portfolio for
Sage, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$70,875
$60,750
$(10,125
)
B
50,625
56,700
6,075
C
93,150
103,275
10,125
Total
$214,650
$220,725
6,075
Previous fair value adjustment balance—Dr.
1,620
Fair value adjustment—Dr.
$4,455
On January 20, 2018, Sage, Inc. sold security A for $61,155. The
sale proceeds are net of brokerage fees.
Sage Inc. reports net income in 2017 of $486,000 and in 2018 of...
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain...
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $27,000 25,200 45,900 $98,100 $(4,500) 2,700 4,500 $31,500 22,500 41,400 Total $95,400 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. 2,700 720 $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2017, to report the portfolio...
On December 31, 2018, Marsh Company held Xenon Company bonds in its portfolio of available-for-sale securities....
On December 31, 2018, Marsh Company held Xenon Company bonds in its portfolio of available-for-sale securities. The bonds have a par value of $15,000, carry a 10% annual interest rate, mature in 2025, and had originally been purchased at par. The market value of the bonds at December 31, 2018 was $13,000. The December 31, 2018, balance sheet showed the following: Marsh Company Partial Balance Sheet December 31, 2018 1 Assets 2 Investment in Available-for-Sale Securities $15,000.00 3 Less: Allowance...
Question 15 At December 31, 2017, the available-for-sale debt portfolio for Flint, Inc. is as follows....
Question 15
At December 31, 2017, the available-for-sale debt portfolio for
Flint, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$175,875
$150,750
$(25,125
)
B
125,625
140,700
15,075
C
231,150
256,275
25,125
Total
$532,650
$547,725
15,075
Previous fair value adjustment balance—Dr.
4,020
Fair value adjustment—Dr.
$11,055
On January 20, 2018, Flint, Inc. sold security A for $151,755. The
sale proceeds are net of brokerage fees.
Flint Inc. reports net income in 2017 of $1,206,000 and in...
Situation 1: Goebel Company acquired a 20% interest in Dobbs Company on December 31, 2018 for $350,000. During 2019 Dobbs Company had net income of $150,000 and paid a cash dividend of $60,000. (Dobbs Company paid $60,000 cash dividend to all of its shareholders.) 12. Based on the information regarding Goebel's investment in Dobbs Company: Fair Value 12/31/18 12/31/19 $350,000 $365,000 Cost $350,000 Equity investment If the Fair Value Adjustment has a debit balance of $8,000, what amount of unrealized...
On December 31, 2018, Marsh Company held Xenon Company bonds in
its portfolio of available-for-sale securities. The bonds have a
par value of $14,000, carry a 10% annual interest rate, mature in
2025, and had originally been purchased at par. The market value of
the bonds at December 31, 2018 was $12,000. The December 31, 2018,
balance sheet showed the following:
Marsh Company
Partial Balance Sheet
December 31, 2018
1
Assets
2
Investment in Available-for-Sale Securities
$14,000.00
3
Less: Allowance...
5. On December 31, 2018, Marsh Company held Xenon Company bonds
in its portfolio of available-for-sale securities. The bonds have a
par value of $14,000, carry a 10% annual interest rate, mature in
2025, and had originally been purchased at par. The market value of
the bonds at December 31, 2018 was $12,000. The December 31, 2018,
balance sheet showed the following:
Marsh Company
Partial Balance Sheet
December 31, 2018
1
Assets
2
Investment in Available-for-Sale Securities
$14,000.00
3
Less:...
At December 31, 2017, the available-for-sale debt portfolio for
Cullumber, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$97,125
$83,250
$(13,875
)
B
69,375
77,700
8,325
C
127,650
141,525
13,875
Total
$294,150
$302,475
8,325
Previous fair value adjustment balance—Dr.
2,220
Fair value adjustment—Dr.
$6,105
On January 20, 2018, Cullumber, Inc. sold security A for $83,805.
The sale proceeds are net of brokerage fees.
Cullumber Inc. reports net income in 2017 of $666,000 and in 2018
of...
The
first and second photo are all part of one question.
c. 9,100,000 d. 5,800,000 Pernt ct s,700 Ne cetret erce 49,o00,000-39, 900,00 9,1o0,0c 916c,00K 3ey03,32 0c 13. At December 31, 2018, Penny Corporation had the following equity securities that were purchased during 2018, its first year of operation: Fair Unrealized Gain (Loss) Cost Value Trading Securities: Security A $ 85,000 15,000 $100,000 $(25,000) 5,000 $120,000) $60,000 20,000 $ 80.000 Totals Available-for-Sale Securities: $ 80,000 $10,000 (10,000) $(0 $70,000 85,000...
At December 31, 2017, the available-for-sale debt portfolio for
Bridgeport, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$114,625
$98,250
$(16,375
)
B
81,875
91,700
9,825
C
150,650
167,025
16,375
Total
$347,150
$356,975
9,825
Previous fair value adjustment balance—Dr.
2,620
Fair value adjustment—Dr.
$7,205
On January 20, 2018, Bridgeport, Inc. sold security A for $98,905.
The sale proceeds are net of brokerage fees.
Bridgeport Inc. reports net income in 2017 of $786,000 and in 2018
of...
At December 31, 2017, the available-for-sale debt portfolio for
Sage, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$70,875
$60,750
$(10,125
)
B
50,625
56,700
6,075
C
93,150
103,275
10,125
Total
$214,650
$220,725
6,075
Previous fair value adjustment balance—Dr.
1,620
Fair value adjustment—Dr.
$4,455
On January 20, 2018, Sage, Inc. sold security A for $61,155. The
sale proceeds are net of brokerage fees.
Sage Inc. reports net income in 2017 of $486,000 and in 2018 of...
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $27,000 25,200 45,900 $98,100 $(4,500) 2,700 4,500 $31,500 22,500 41,400 Total $95,400 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. 2,700 720 $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2017, to report the portfolio...
Question 15
At December 31, 2017, the available-for-sale debt portfolio for
Flint, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$175,875
$150,750
$(25,125
)
B
125,625
140,700
15,075
C
231,150
256,275
25,125
Total
$532,650
$547,725
15,075
Previous fair value adjustment balance—Dr.
4,020
Fair value adjustment—Dr.
$11,055
On January 20, 2018, Flint, Inc. sold security A for $151,755. The
sale proceeds are net of brokerage fees.
Flint Inc. reports net income in 2017 of $1,206,000 and in...
Most questions answered within 3 hours.
-
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 11 minutes ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 26 minutes ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 50 minutes ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 1 hour ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 1 hour ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 2 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 3 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 5 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 5 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 5 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 5 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 5 hours ago